Camping World Holdings(CWH) - 2024 Q4 - Annual Results

Revenue Performance - Revenue for Q4 2024 was $1.2 billion, an increase of$ 95.1 million, or 8.6% year-over-year[4] - Full year revenue was $6.1 billion, a decrease of$ 126.5 million, or 2.0%[7] - Total revenue for Q4 2024 was $1,204,464, an increase of 8.6% compared to$ 1,109,333 in Q4 2023[21] - Revenue from new vehicle sales reached $497,533 in Q4 2024, up 10.7% from$ 449,416 in Q4 2023[21] - Total revenue for the year decreased by 6.0% to $5,161,827[23] Vehicle Sales - New vehicle revenue was$ 497.5 million, up $48.1 million, or 10.7%, with unit sales of 11,575, an increase of 858 units, or 8.0%[4] - Used vehicle revenue was$ 348.1 million, an increase of $26.5 million, or 8.2%, with unit sales of 10,573, an increase of 1,081 units, or 11.4%[4] - Combined new and used vehicle unit sales reached 22,148, an increase of 1,939 units, or 9.6%[4] - New vehicle unit sales for the full year were 70,484, an increase of 11,753 units, or 20.0%[7] - Total unit sales for the year ended December 31, 2024, increased by 5.2% to 121,516 units, with new vehicle sales rising by 20.0% to 70,484 units, while used vehicle sales decreased by 10.2% to 51,032 units[23] Profitability and Loss - Adjusted EBITDA for Q4 2024 was$ (2.5) million, an increase of $6.4 million, or 72.1% year-over-year[7] - Net loss for Q4 2024 was$ (59.5) million, a decrease of $12.0 million, or 25.1% compared to the previous year[7] - Gross profit for Q4 2024 was$ 376,916, representing a 9.8% increase from $343,441 in Q4 2023[21] - The company reported a net loss attributable to Camping World Holdings, Inc. for Q4 2024 was$ 31,602, compared to a net loss of $14,461 in Q4 2023[21] - Adjusted EBITDA for the year ended December 31, 2024 was$ 178,843 thousand, down from $286,213 thousand in 2023[39] Expenses - SG&A expenses for the full year were$ 1.6 billion, an increase of $34.1 million, or 2.2%[8] - Total SG&A for the year ended December 31, 2024, was$ 1,573,117 thousand, an increase from $1,538,988 thousand in 2023[50] - SG&A excluding stock-based compensation (SBC) for the three months ended December 31, 2024, was$ 362,437 thousand, representing 96.2% of gross profit, slightly down from 96.6% in 2023[50] Inventory and Assets - New vehicle inventory per dealer location decreased by 12.6% to $6,086, while used vehicle inventory per dealer location decreased by 13.7% to$ 2,027[22] - Total RV and Outdoor Retail inventories decreased by 10.8% to $1,821,574[22] - Total assets decreased to$ 4,863,277 thousand in 2024 from $4,889,452 thousand in 2023, a decline of approximately 0.5%[27] Cash Flow and Liabilities - Net cash provided by operating activities was$ 245,159 thousand in 2024, down from $310,807 thousand in 2023, representing a decrease of about 21%[28] - Total current liabilities decreased to$ 1,680,952 thousand in 2024 from $1,947,839 thousand in 2023, a reduction of approximately 13.7%[27] - The company’s total liabilities decreased to$ 4,378,328 thousand in 2024 from $4,631,477 thousand in 2023, a decrease of approximately 5.5%[27] Shareholder Information - Basic loss per share for Q4 2024 was$ (0.56), compared to $(0.32) in Q4 2023[21] - The weighted-average Class A common shares outstanding - basic for the three months ended December 31, 2024, was 56,586 thousand, compared to 44,889 thousand in 2023[46] - The adjusted weighted average Class A common shares outstanding - diluted for the year ended December 31, 2024, was 48,005 thousand, consistent with 84,972 thousand in 2023[46] Other Financial Metrics - Average selling price for new vehicles decreased by 8.6% to$ 40,089, and for used vehicles decreased by 9.2% to $31,624[23] - Average gross profit per unit for new vehicles decreased by 15.2% to$ 5,781, while used vehicles decreased by 18.5% to $5,814[23] - The company reported a net loss income margin of (4.9%) for Q4 2024, compared to (4.3%) in Q4 2023[39] - Long-lived asset impairment charges for the year 2024 amounted to$ 15,061 thousand, up from $9,269 thousand in 2023[39]